晟鈦股份有限公司 2026Q1 法說會簡報
Company Overview
公司名稱 (Company Name): 晟鈦股份有限公司 (CHEER TIME) 成立時間 (Establishment Date): 西元1987年 (於2009年台灣公開上市) 股票代號 (Stock Code): 3229.TW 負責人 (Responsible Person): 莊明理 總經理 (General Manager): 劉文禎 資本額 (Capital): 新台幣6.4 億元 員工人數 (Number of Employees): 212人 廠房地址 (Factory Addresses):
- 新莊廠 (Xinzhuang Plant): 新北市新莊區瓊林南路305巷2號
- 蘆竹一廠&二廠 (Luzhu Plant 1 & 2): 桃園市蘆竹區南山路一段272、274、276、280號
發展里程 (Development Milestones):
- 1987: 晟鈦成立 (Cheer Time Established)
- 2005: 股票上櫃 (Listed on OTC)
- 2009: 股票上市 (Listed on Stock Exchange)
- 2011: HDI製程導入 (HDI Process Introduced)
- 2018: IATF16949 (原TS16949) 認證 (IATF16949 (formerly TS16949) Certification)
- 2022: 新團隊入主晟鈦 (New Team Takes Over Cheer Time)
- 2022: 合併廠房 (Merged Factories)
- 2022: 併購實光電子 (Acquired Shiguang Electronics)
Financial Highlights
營收趨勢 (Revenue Trend)
| Quarter | Revenue | Revenue(QoQ) |
|---|---|---|
| 2023Q2 | 226,304 | -10.98% |
| 2023Q3 | 223,854 | -1.08% |
| 2023Q4 | 223,773 | -0.04% |
| 2024Q1 | 202,890 | -9.33% |
| 2024Q2 | 247,639 | 22.06% |
| 2024Q3 | 225,263 | -9.04% |
| 2024Q4 | 242,609 | 7.70% |
| 2025Q1 | 235,219 | -3.05% |
| 2025Q2 | 243,598 | 3.56% |
| 2025Q3 | 255,161 | 4.75% |
| 2025Q4 | 306,605 | 20.16% |
| 2026Q1 | 342,922 | 11.84% |
獲利趨勢 (Profit Trend)
| Quarter | Net Income | Net Income(QoQ) |
|---|---|---|
| 2023Q3 | 316 | 102% |
| 2023Q4 | (10,762) | -3506% |
| 2024Q1 | 2,731 | 125% |
| 2024Q2 | 16,659 | 510% |
| 2024Q3 | (12,467) | -175% |
| 2024Q4 | 1,811 | 115% |
| 2025Q1 | 4,272 | 136% |
| 2025Q2 | (35,025) | -920% |
| 2025Q3 | (5,197) | 85% |
| 2025Q4 | 8,161 | 257% |
| 2026Q1 | 35,315 | 333% |
毛利率及淨利率趨勢 (Gross Margin & Net Income Ratio Trend)
| Quarter | EPS | Gross Margin | Net Income Ratio |
|---|---|---|---|
| 2023Q2 | (0.23) | 1.79% | -6.66% |
| 2023Q3 | 0.00 | 5.58% | 0.14% |
| 2023Q4 | (0.17) | 5.08% | -4.81% |
| 2024Q1 | 0.04 | 5.45% | 1.35% |
| 2024Q2 | 0.26 | 13.08% | 6.73% |
| 2024Q3 | (0.19) | 3.41% | -5.53% |
| 2024Q4 | 0.03 | 5.91% | 0.75% |
| 2025Q1 | 0.06 | 7.40% | 1.82% |
| 2025Q2 | (0.54) | 4.26% | -14.38% |
| 2025Q3 | (0.08) | 2.89% | -2.04% |
| 2025Q4 | 0.13 | 10.48% | 2.66% |
| 2026Q1 | 0.55 | 10.96% | 10.30% |
財務體質健全 (Sound Financial Health)
| Quarter | Current Ratio | Debt Ratio |
|---|---|---|
| 2023Q2 | 220% | 33% |
| 2023Q3 | 273% | 26% |
| 2023Q4 | 218% | 33% |
| 2024Q1 | 254% | 28% |
| 2024Q2 | 252% | 29% |
| 2024Q3 | 259% | 28% |
| 2024Q4 | 281% | 25% |
| 2025Q1 | 286% | 23% |
| 2025Q2 | 255% | 26% |
| 2025Q3 | 243% | 29% |
| 2025Q4 | 241% | 30% |
| 2026Q1 | 228% | 33% |
Business Segments
產品種類 (Product Types):
- 磷銅球製造銷售 (Phosphor Copper Ball Manufacturing & Sales)
- 鑽孔加工 (Drilling Processing)
- PCB全製程 (PCB Full Process)
三大事業處 (Three Major Business Units):
- 磷銅球製造銷售 (Phosphor Copper Ball Manufacturing & Sales)
- 原料 (Raw Materials): 採LME註冊A級電解銅 (Uses LME registered Grade A electrolytic copper)
- 合規性 (Compliance): 符合Rohs (Compliant with RoHS)
- 純度 (Purity): 高達99.99% (Up to 99.99%)
- 磷含量 (Phosphorus Content): 400-650 mg/l
- PCB鑽孔 (PCB Drilling)
- 日產能 (Daily Capacity): 8,000 Panels
- 基板面積 (Substrate Area): 約28,000 平方英呎 (Approximately 28,000 square feet)
- PCB全製程 (PCB Full Process)
- 產品類型 (Product Types): FR-4, HDI, 特殊基板 (Special Substrates)
營收比重依部門別分類 (Revenue Proportion by Department)
| Quarter | Drilling | P-copper | PCB |
|---|---|---|---|
| 2023Q2 | 8% | 60% | 32% |
| 2023Q3 | 10% | 57% | 32% |
| 2023Q4 | 11% | 56% | 29% |
| 2024Q1 | 11% | 60% | 32% |
| 2024Q2 | 10% | 61% | 28% |
| 2024Q3 | 10% | 59% | 30% |
| 2024Q4 | 9% | 62% | 28% |
| 2025Q1 | 11% | 57% | 31% |
| 2025Q2 | 11% | 60% | 28% |
| 2025Q3 | 8% | 64% | 27% |
| 2025Q4 | 8% | 64% | 27% |
| 2026Q1 | 9% | 60% | 31% |
Products & Technologies
產品應用 (Product Applications): 晟鈦豐富生產經驗可滿足多元客戶需求 (Cheer Time's rich production experience can meet diverse customer needs)
- 軍用 (Military)
- 醫療 (Medical)
- 航空 (Aerospace)
- 安防 (Security)
- 消費性 (Consumer)
- 工業用 (Industrial)
- 車用 (Automotive)
Clients & Markets
客戶分佈 (Client Distribution):
- 美洲 (Americas): 美國 (USA), 加拿大 (Canada)
- 歐洲 (Europe): 英國 (UK), 義大利 (Italy), 比利時 (Belgium), 捷克 (Czech Republic), 保加利亞 (Bulgaria), 德國 (Germany)
- 亞洲 (Asia): 中國 (China), 香港 (Hong Kong), 日本 (Japan), 印度 (India), 新加坡 (Singapore), 台灣 (Taiwan)
- 澳洲 (Oceania): 澳大利亞 (Australia)
知名客戶 (Key Clients):
- 3M Science. Applied to Life.
- acer
- Coretronic
- FHt
- COMPEQ 華通電腦股份有限公司
- BARCO
- 士林電機 Shihlin Electric
- FOXCONN 鴻海科技集團
- EMC
- GCE
- 國立臺灣大學 National Taiwan University
- NESS CORPORATION
- 國立清華大學 NATIONAL TSING HUA UNIVERSITY
- KCE
- 紅鶴 CHIN POON
- PRIMAX
- NIPPON STEEL NS-TEXENG 日鉄テックスエンジ
- GARMIN
- WUS 楠梓電子股份有限公司
- SYNTEC
Outlook & Strategy
2026年營運說明 (2026 Operations Explanation)
連續兩季獲利為正 (Profitable for two consecutive quarters):
- 擺脫過往虧損包袱,營收獲利均創新高 (Shedding past loss burdens, both revenue and profit hit new highs).
產業景氣暢旺 (Booming industry outlook):
- 新設備自2025Q4陸續交機上線,優化製程能力 (New equipment delivered and put online sequentially from 2025Q4, optimizing process capabilities).
- 產品及客戶結構調整,抓住高毛利機種,創造獲利契機 (Adjusting product and customer structure, seizing high-margin models, creating profit opportunities).
- 上游原物料供貨吃緊,影響產品交期 (Tight supply of upstream raw materials affecting product delivery times).
- 銅價、金價、電價、石化週邊產品處於高價,增加生產成本 (Copper, gold, electricity prices, and petrochemical-related products are at high prices, increasing production costs).
財務結構穩健 (Stable financial structure):
- 負債比率維持30%以下 (Debt ratio maintained below 30%).
- 銀行額度使用率維持三成以下,資金調度彈性高 (Bank credit utilization maintained below 30%, high flexibility in capital allocation).
- 應收帳款回收率佳,無壞帳 (Excellent accounts receivable recovery rate, no bad debts).
體質調整完成,獲利加速啟動 (Structural adjustment completed, profit acceleration initiated).
Additional Data
簡報大綱 (Presentation Outline)
- 晟鈦簡介 (Cheer Time Introduction)
- 投資人注意焦點 (Investor Focus Points)
- 2026營運說明 (2026 Operations Explanation)
- Q&A
免責聲明 (Disclaimer)
除歷史事件之陳述外,本文件均為前瞻性敘述。該前瞻性敘述包括已知及未知風險、不確定性及其他可能導致晟鈦股份有限公司之實際表現、財務狀況或營運結果與該前瞻性敘述所包含者產生重大差別之因素。
本免責聲明中之財務預測及前瞻性敘述為目前晟鈦股份有限公司截至本文件之日之信念所編製。晟鈦股份有限公司不負責更新這些預測及前瞻性敘述以反映此日期後所發生之事件或情況。
歷史事件的陳述可能包括未經會計師審閱之資訊,其可能有某些不足或缺陷而無法忠實呈現目前晟鈦股份有限公司之財務狀況或營運結果。